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Private Label

Last week, we featured an article on this page which described the new funding arrangements that Private Label is introducing.

We are happy to clarify that, at the end of last year, Private Label served notice on its entire lender panel confirming that new lending from the fourth quarter of 2001 would be all from GMAC-RFC, which has now been implemented as planned.

Contrary to any impression last week&#39s article may have created, GMAC-RFC, whose immediate parent has assets in excess of $160bn, continues to have good working relationships with all the lenders in question and is trading with some of them by way of asset sales.

The Private Label Processing Centre resources, including the people, telephone lines etc, far from closing, continue to be available to intermediaries in the normal way. But they will focus from October 16, 2001 onwards exclusively on the GMAC-RFC mortgage product range, which includes products in the mainstream, niche and sub-prime sector.

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